Commentary & Deal Flow

FIS - Fabbrica Italiana Sintetici SpA (FISITA) EUR350m 144A/Reg S sustainability-linked sr sec notes due 2027 (5.5y). NC2 (50%,25%,par). Expect B3/B/B+. Via BNP (B&D)/CS (RS coordinator) jt glocos and jt books (sustainability-linked bond structuring coordinators CS/BNP). No reg rights. List Lux. NY Law. SLB step-up premium: 20bp adjustment on the redemption price per KPI. Roadshow today-Thurs (investor call at 2pm UKT today). UOP: refinance debt, fund a distribution to its parent. Biz: a leading global CDMO developing and manufacturing a broad range of APIs for the pharmaceutical industry. HQ: Montecchio Maggiore, Vicenza, Italy.